Financials NARI Technology Co., Ltd.

Equities

End-of-day quote Shanghai S.E. Other stock markets 2025-06-13			5-day change	1st Jan Change
22.38 ^CNY	-0.04%		+0.04%	-11.26%

May. 16	Macquarie Downgrades NARI Technology to Underperform from Neutral; Price Target is 18.50 Yuan	MT
May. 12	Jefferies Adjusts Nari Technology's Price Target to 27 Yuan from 28 Yuan, Keeps at Buy	MT

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	38,502	42,411	46,829	51,573	57,417	64,678	72,547	81,592
Change	-	10.15%	10.42%	10.13%	11.33%	12.65%	12.17%	12.47%
EBITDA ¹	7,009	8,136	9,230	10,242	9,665	11,056	12,285	13,466
Change	-	16.07%	13.46%	10.96%	-5.63%	14.39%	11.12%	9.61%
EBIT ¹	5,874	6,843	7,852	8,575	9,106	9,899	11,395	12,527
Change	-	16.5%	14.73%	9.2%	6.19%	8.71%	15.11%	9.93%
Interest Paid ¹	-45.16	125.1	-46.64	-475.6	-475.9	-326.9	-410.1	-575.9
Earnings before Tax (EBT) ¹	5,934	6,866	7,885	8,600	9,128	10,156	11,662	12,723
Change	-	15.7%	14.84%	9.06%	6.14%	11.26%	14.83%	9.1%
Net income ¹	4,852	5,642	6,446	7,184	7,610	8,495	9,741	10,652
Change	-	16.3%	14.24%	11.44%	5.94%	11.62%	14.67%	9.35%
Announcement Date	4/22/21	4/28/22	4/27/23	4/25/24	4/28/25	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	8,280	7,944	18,405	4,921	9,883	8,428	19,179	-	9,294	21,213	6,195	12,055	10,317	23,006	7,699	12,416	12,199	25,104	8,895	14,477	13,551	28,389
Change	-	-4.05%	131.67%	-73.26%	100.85%	-14.73%	127.58%	-	-	128.25%	-70.8%	94.59%	-14.41%	122.98%	-66.54%	61.27%	-1.74%	105.78%	-64.57%	62.76%	-6.4%	109.5%
EBITDA	-	-	2,826	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	1,639	1,476	2,652	253.4	2,046	1,652	2,892	-	1,898	3,286	627.2	2,421	2,040	3,486	-	-	-	3,676	-	-	-	-
Change	-	-9.91%	79.61%	-90.44%	707.41%	-19.28%	75.06%	-	-	73.1%	-80.91%	286.04%	-15.73%	70.86%	-	-	-	-	-	-	-	-
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	1,660	1,485	2,680	-	2,048	1,661	2,899	-	-	3,286	-	2,424	2,041	3,494	-	-	-	3,683	-	2,796	2,373	3,799
Change	-	-10.57%	80.54%	-	-	-18.87%	74.49%	-	-	-	-	-	-15.8%	71.18%	-	-	-	-	-	-	-15.12%	60.09%
Net income ¹	1,301	1,172	2,303	201.2	1,642	1,349	2,450	379.1	-	2,791	525.7	1,974	1,661	3,023	-	-	1,764	3,137	-	2,351	1,997	3,296
Change	-	-9.89%	96.46%	-91.26%	716.17%	-17.86%	81.57%	-84.52%	-	-	-81.16%	275.42%	-15.82%	81.94%	-	-	-	77.89%	-	-	-15.07%	65.03%
Announcement Date	8/28/20	10/30/20	4/22/21	4/29/21	8/30/21	10/29/21	4/28/22	4/28/22	10/28/22	4/27/23	4/27/23	8/30/23	10/30/23	4/25/24	4/25/24	8/28/24	10/29/24	4/28/25	4/28/25	-	-	-

¹CNY in Million

Estimates

¹CNY in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-9,750	-11,156	-13,428	-16,192	-8,331	-13,286	-19,055	-21,641
Change	-	-14.42%	-20.37%	-20.58%	48.55%	-59.47%	-43.42%	-13.57%
Announcement Date	4/22/21	4/28/22	4/27/23	4/25/24	4/28/25	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	3,462	2,009	3,414	1,949	1,827	2,061	1,992	2,144
Change	-	-41.97%	69.89%	-42.89%	-6.26%	12.82%	-3.36%	7.61%
Free Cash Flow (FCF) ¹	-	2,662	5,346	9,495	9,259	9,146	8,664	10,167
Change	-	-	100.88%	77.59%	-2.49%	-1.21%	-5.28%	17.35%
Announcement Date	4/22/21	4/28/22	4/27/23	4/25/24	4/28/25	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	18.2%	19.18%	19.71%	19.86%	16.83%	17.09%	16.93%	16.5%
EBIT Margin (%)	15.26%	16.14%	16.77%	16.63%	15.86%	15.31%	15.71%	15.35%
EBT Margin (%)	15.41%	16.19%	16.84%	16.67%	15.9%	15.7%	16.07%	15.59%
Net margin (%)	12.6%	13.3%	13.77%	13.93%	13.25%	13.13%	13.43%	13.06%
FCF margin (%)	-	6.28%	11.42%	18.41%	16.13%	14.14%	11.94%	12.46%
FCF / Net Income (%)	-	47.17%	82.94%	132.17%	121.66%	107.67%	88.94%	95.44%
Profitability
ROA	7.86%	8.14%	8.63%	8.83%	8.51%	8.69%	8.96%	9.21%
ROE	15.06%	15.7%	16.09%	16.08%	15.87%	16.39%	17.12%	17.24%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	8.99%	4.74%	7.29%	3.78%	3.18%	3.19%	2.75%	2.63%
CAPEX / EBITDA (%)	49.4%	24.7%	36.98%	19.03%	18.91%	18.65%	16.22%	15.92%
CAPEX / FCF (%)	-	75.49%	63.85%	20.53%	19.74%	22.54%	23%	21.09%
Items per share
Cash flow per share ¹	0.7056	0.5849	1.09	1.425	1.38	1.418	1.297	1.567
Change	-	-17.1%	86.42%	30.65%	-3.12%	2.74%	-8.5%	20.79%
Dividend per Share ¹	0.2431	0.2847	0.325	0.54	0.435	0.6425	0.6965	0.7653
Change	-	17.14%	14.15%	66.15%	-19.44%	47.7%	8.41%	9.87%
Book Value Per Share ¹	4.275	4.758	5.286	5.875	6.128	6.682	7.317	7.873
Change	-	11.29%	11.09%	11.14%	4.31%	9.04%	9.52%	7.6%
EPS ¹	0.6134	0.7083	0.8083	0.9	0.95	1.062	1.209	1.325
Change	-	15.47%	14.12%	11.34%	5.56%	11.78%	13.89%	9.55%
Nbr of stocks (in thousands)	7,986,359	7,985,429	8,033,819	8,033,033	8,012,256	8,011,521	8,011,521	8,011,521
Announcement Date	4/22/21	4/28/22	4/27/23	4/25/24	4/28/25	-	-	-